Lululemon Athletica inc. (NASDAQ:LULU) shares surged Thursday as news of insider buying was reported.

The yoga apparel retailer announced that Director Glenn Murphy acquired 97,728 shares of LULU stock in a filing that took place on Monday, June 26. Murphy bought a stock at a consensus price of $55.50 per share, adding up to $5,423,904.00.

The Director now owns 100,344 shares of Lululemon, which were worth $5,569,092 as Thursday morning. About 0.29% of company shares are held by executives.

Lululemon was also the subject of some M&A chatter during trading hours Wednesday as traders discussed a rumor — that has not been confirmed — regarding the potential sale of the retailer. Goldman Sachs is reportedly assisting the company in exploring a sale into private equity.

If such a move were to happen, the number being thrown around regarding Lululemon’s worth is at $85.00 per share.

The company last unveiled its quarterly earnings results on June 1st, bringing in 32 cents per share for its latest period. The figure was ahead of the 28 cents per share that Wall Street expected.

The figure was a cent below the 33 cents per share Lululemon earned in the year-ago period. Its return on equity was 23.43%, while its net profit margin was 12.21%.

Revenue was strong at $520.30 million, ahead of the $513.99 million that the consensus estimate called for.

LULU stock grew 4.4% Thursday.